Oil a buying opportunity in the making ?
Oil made a new high at 76.90 before making a 3 day correction. For oil bulls' who trade on the weekly time frame, oil has just broken a weekly range at 75.29, which certainly bodes more upside for them.
As for day traders who have missed the up move, this retracement could be a buying opportunity to join in the party.
Revelation Trading has identified 2 actionable areas at 74.40 and 72.80 which is of interest to us as our road map.
Should the oil continues with the up-move, it is recommended to review one's trade ideas on Usdcad and Cadjpy since they are somewhat correlated.
As for day traders who have missed the up move, this retracement could be a buying opportunity to join in the party.
Revelation Trading has identified 2 actionable areas at 74.40 and 72.80 which is of interest to us as our road map.
Should the oil continues with the up-move, it is recommended to review one's trade ideas on Usdcad and Cadjpy since they are somewhat correlated.
Trade active:
Longed at 74.70
Trade closed: stop reached